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JDST vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

JDST vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JDST achieves a -22.39% return, which is significantly lower than SPXL's 17.21% return. Over the past 10 years, JDST has underperformed SPXL with an annualized return of -62.85%, while SPXL has yielded a comparatively higher 30.27% annualized return.


JDST

1D
10.10%
1M
10.16%
YTD
-22.39%
6M
-14.59%
1Y
-78.52%
3Y*
-68.43%
5Y*
-52.81%
10Y*
-62.85%

SPXL

1D
-4.48%
1M
-5.53%
YTD
17.21%
6M
13.86%
1Y
62.56%
3Y*
46.39%
5Y*
20.70%
10Y*
30.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JDST vs. SPXL - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
JDST
Direxion Daily Junior Gold Miners Index Bear 2X Shares
-22.39%-91.10%-40.98%-28.29%-26.25%10.97%-95.97%-80.30%-1.60%-63.44%
SPXL
Direxion Daily S&P 500 Bull 3X ETF
17.21%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%

Correlation

The correlation between JDST and SPXL is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.41

Correlation (3Y)
Calculated over the trailing 3-year period

-0.32

Correlation (5Y)
Calculated over the trailing 5-year period

-0.31

Correlation (10Y)
Calculated over the trailing 10-year period

-0.21

Correlation (All Time)
Calculated using the full available price history since Oct 3, 2013

-0.17

Over the past year, the inverse relationship between JDST and SPXL has strengthened: their correlation has moved from -0.17 to -0.41, meaning they now move in opposite directions more often than their long-term average.

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Return for Risk

JDST vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JDST
JDST Risk / Return Rank: 22
Overall Rank
JDST Sharpe Ratio Rank: 33
Sharpe Ratio Rank
JDST Sortino Ratio Rank: 22
Sortino Ratio Rank
JDST Omega Ratio Rank: 22
Omega Ratio Rank
JDST Calmar Ratio Rank: 11
Calmar Ratio Rank
JDST Martin Ratio Rank: 33
Martin Ratio Rank

SPXL
SPXL Risk / Return Rank: 4949
Overall Rank
SPXL Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPXL Omega Ratio Rank: 4545
Omega Ratio Rank
SPXL Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPXL Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JDST vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.


JDSTSPXLDifference
Sharpe ratioReturn per unit of total volatility

-2.44

Sortino ratioReturn per unit of downside risk

-3.57

Omega ratioGain probability vs. loss probability

0.85

1.28

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.88

2.35

-3.23

Martin ratioReturn relative to average drawdown

-1.16

9.57

-10.73

JDST vs. SPXL - Sharpe Ratio Comparison

The current JDST Sharpe Ratio is -0.76, which is lower than the SPXL Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of JDST and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

JDST vs. SPXL - Drawdown Comparison

The maximum JDST drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for JDST and SPXL.


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Drawdown Indicators


JDSTSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-76.86%

-23.14%

Max Drawdown (1Y)

Largest decline over 1 year

-88.98%

-26.77%

-62.21%

Max Drawdown (3Y)

Largest decline over 3 years

-98.58%

-48.95%

-49.63%

Max Drawdown (5Y)

Largest decline over 5 years

-99.28%

-63.80%

-35.48%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-76.86%

-23.14%

Current Drawdown

Current decline from peak

-100.00%

-10.44%

-89.56%

Average Drawdown

Average peak-to-trough decline

-95.31%

-16.09%

-79.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

67.97%

6.56%

+61.41%

Volatility

JDST vs. SPXL - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 39.08% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.70%. This indicates that JDST's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


JDSTSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

39.08%

14.70%

+24.38%

Volatility (6M)

Calculated over the trailing 6-month period

85.69%

29.55%

+56.14%

Volatility (1Y)

Calculated over the trailing 1-year period

103.81%

37.43%

+66.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

82.06%

50.54%

+31.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

104.94%

53.47%

+51.47%

JDST vs. SPXL - Expense Ratio Comparison

JDST has a 1.10% expense ratio, which is higher than SPXL's 0.84% expense ratio.


Dividends

JDST vs. SPXL - Dividend Comparison

JDST's dividend yield for the trailing twelve months is around 10.36%, more than SPXL's 0.57% yield.


PositionTTM202520242023202220212020201920182017
JDST
Direxion Daily Junior Gold Miners Index Bear 2X Shares
10.36%15.08%6.50%4.81%0.00%0.00%11.75%3.16%0.57%0.00%
SPXL
Direxion Daily S&P 500 Bull 3X ETF
0.57%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%

Frequently Asked Questions


JDST and SPXL have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JDST has higher volatility (39.08%) compared to SPXL (14.70%). In terms of maximum drawdown, JDST dropped -100.00% vs SPXL's -76.86%.

On 10-year performance, SPXL leads with 30.27% vs -62.85% for JDST. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXL has performed better with a 30.27% return vs -62.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXL is cheaper with a 0.84% expense ratio, compared with 1.10% for JDST.

JDST has the higher dividend yield at 10.36%, compared with 0.57% for SPXL.

JDST tracks MVIS Global Junior Gold Miners Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.10% for JDST and 0.84% for SPXL.

SPXL currently has the higher Sharpe Ratio (1.69 vs -0.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

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